Investment Funds Help Communities Grow

Nova Scotians invested record amounts in community investment funds last year, fuelling growth in rural and urban areas around the province.

Economic Development Minister Ernest Fage said Nova Scotians invested more than $3.2 million in Community Economic Development Investment Funds (CEDIFs), making the 2004 tax year the best year in the program's history.

"Our community funds provide needed investment dollars for smaller community-based enterprises," said Mr. Fage. "These dollars are invested by Nova Scotians to support Nova Scotians -- and the program is working."

Since the government of Nova Scotia introduced CEDIFs in 2000, about 2,400 Nova Scotians have invested more than $13 million in community economic development across the province. The investments are helping to fund everything from wind power to fair trade organic coffee co-ops.

Mr. Fage expects CEDIFs to grow by 20 per cent in the 2005 tax year, with almost $4 million being invested locally.

Nova Scotians who buy shares in CEDIFs qualify for a 30 per cent tax credit and can hold the shares as investments in self-directed RRSPs. In support of the program, the province guarantees the last 20 per cent of investments against loss for the first four years.

Presently, four new funds are offering shares in regions across the province. Scotian Windfields is offering renewable energy and wind exploration investment opportunities through Bay Wind Field Inc. in the municipalities of Kings, Annapolis, Digby, and Shelburne counties; Chebucto Wind Field Inc. in the Halifax Regional Municipality area; and Sou'Wester Wind Field in Lunenburg, Queens and Shelburne counties. For more information call 1-877-798-5085 or see the website at www.scotianwindfields.org .

Unique CEDC Ltd. -- a clothing design company -- is offering an investment opportunity in Unique Solutions Design Ltd. The proceeds go toward the marketing and sales of Unique Solutions' flagship product, the Bodyskanner, and other software and measurement software. Contact Tanya Shaw Weeks at 902-492-2106, or toll-free 1-800-543-4739.

For more information on CEDIFs operating across Nova Scotia, see the website at www.gov.ns.ca/econ/cedif/.